Mon, Apr 7 2008, 06:18 GMT
by Liviu Flesar
EURUSD
The dollar fell after the US reported an 80k drop in non-farm payrolls but it recovered fast, squeezing out recent dollar shorts. The Euro closed around 1.5735, trading as high as 1.5775 after the figures earlier and as low as 1.5682 five minutes later. The dollar recovered its Friday's losses during today's Asian session as the Euro collapsed from the 1.5730 zone all the way down to 1.5650. Interim support is now seen at 1.5640 formed by the 50% retracement of the 1.5510-1.5775 move backed by a trendline into the 1.5550 area. Next key support comes now at 1.5380. Resistance starts at the same 1.5700 mark as of Friday's morning followed by 1.5775-85 area then 1.5840 higher. More downside is likely to be seen especially if 1.5640 fails to act as a reversal zone. Below 1.5640 would accelerate the decline towards the 1.5550 area. On the upside, a break of 1.5700 is much needed to signal a temporary resume of the uptrend aiming towards the 1.5790 area where key resistance is noticed - part of a triangle formation. A break of the said resistance will most likely result into the highly expected rally to 1.6 and beyond. On a medium-term basis, we mentain our bullish view on the Euro while on near term, we believe there's still room on the downside and focus on 1.5640 then 1.5550 lower. Current quote is 1.5664 @06:14 GMT
Resistance levels: 1.5700, 1.5775, 1.5790, 1.5840 and 1.5905
Market sentiment: long-term : bullish, mid-term : bullish, short-term : bearish
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